Shell reports 71% profit rise
Thursday 30th October 2008, 11:22AM GMT.
Royal Dutch Shell has reported a 71 per cent rise in third quarter profits on the back of high oil prices.
The oil group’s third quarter earnings were $10.9 billion compared to $6.4 billion a year ago.
BP has also reported soaring profits this week as the high price of oil far outweighed rising production costs.
Oil hit a record $147 per barrel in July and although the price has halved since then, it is still at historic highs.
Shell chief executive Jeroen van der Veer said: “We are watching the world economic situation closely. Shell is robust across a wide range of energy prices.
“Our strategy remains to pay competitive and progressive dividends, and to make significant investments in the company for future profitability.”
Although oil prices have fallen recently, petrol is still around £1 a litre and the chancellor has demanded energy firms pass on the lower costs.
Mr Darling said: “I want to see that reduction passed on to the pumps as quickly as possible, because people are entitled to see the benefit of that falling price reflected in what they actually pay when they fill up the car.”
Trade union Unite has also called for a windfall tax on oil companies, accusing them of “obscene profiteering”.
Shell yesterday announced chief financial officer Peter Voser will take over from current chief executive Jeroen van der Veer in July next year.
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